Profit at RTI International Metals Inc. (NYSE:RTI) fell by more than half from the year-ago quarter, and toughening economic conditions are leading the metals manufacturer to freeze expansion plans.

Net income was $11.3 million, or 49 cents per share, down from $24.7 million, or $1.06 per share, in the third quarter of 2007.

Moon Township-based RTI had net sales of $150.6 million, compared with $163.4 million one year ago.

The company blamed the 7.8 percent decrease on lower average realized sale prices on prime mill products and September’s Hurricane Ike, which forced the closure of three Houston plants.

“We continue to stay true to our original strategic plan and are focusing our efforts on capitalizing on the enormous growth opportunities over the next decade within the commercial aerospace industry,” CEO Dawne Hickton said in a statement.

For the nine months ending Sept. 30, RTI had net sales of $461 million, roughly flat with last year’s $463 million during the same period.

RTI makes and distribute titanium and specialty metal mill products for the aerospace, industrial, defense, energy and consumer markets.

The company had anticipated weakness in its spot market business in the third quarter, but The Boeing Co.’s machinists’ walkout and global market conditions accelerated the slump, Hickton said in a statement. Boeing workers ended their two-month strike Nov. 1.

With its earnings, RTI announced it is delaying expansion projects up to one year, expecting them to be operational in 2011 to mirror current market demand.

On average, analysts polled by Thomson Financial expected the company to earn 58 cents per share for the quarter.

The manufacturer relocated its headquarters to the Pittsburgh area from Niles, Ohio in April. – Pittsburgh Business Times